ATMP vs NEXT: Correlation
Measured on weekly returns over the past three years, iPath Select MLP ETN (ATMP) and NextDecade Corporation (NEXT) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATMP and NEXT?
Across a 3-year window, the weekly returns of ATMP and NEXT correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 500.0 %².
Within ATMP's tracked universe of 37 assets, NEXT comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ATMP ahead by 64.3 points (+34.4% versus -29.9%). One caveat on sizing: NEXT is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ATMP vs NEXT: side by side
| ATMP (iPath Select MLP ETN) | NEXT (NextDecade Corporation) | |
|---|---|---|
| 1-year return | +34.4% | -29.9% |
| 5-year return | +216.1% | +136.2% |
| Volatility (ann.) | 17.0% | 64.4% |
| Beta vs S&P 500 | 0.28 | 0.79 |
| Max drawdown (3Y) | -15.6% | -60.0% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATMP | NEXT |
|---|---|---|
| 2022 | +27.5% | +73.3% |
| 2023 | +21.6% | -3.4% |
| 2024 | +38.7% | +61.6% |
| 2025 | +7.0% | -31.6% |
| 2026 | +32.0% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATMP and NEXT good diversifiers for each other?
Reasonably. At 0.46, ATMP and NEXT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATMP and NEXT?
The ATMP/NEXT correlation stands at 0.46 on a 3-year window (1 year: 0.47, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is NEXT a good diversifier for ATMP?
Reasonably. At 0.46, ATMP and NEXT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/atmp-vs-next.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/atmp-vs-next/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ATMP correlations · NEXT correlations
